Shares of Kodak (NYSE: KODK) jumped on Friday following the imaging company's fourth-quarter report. The stock rocketed higher earlier this year when Kodak announced blockchain and cryptocurrency-related initiatives. Much of those gains have since disappeared, but an optimistic full-year outlook from the company seems to be helping the stock regain some lost ground. Shares of Kodak were up about 11.1% at 1:15 p.m. EDT.
Kodak reported fourth-quarter revenue of $414 million, down 4.2% year over year. Here's how each of its divisions fared:
Net income came in at $129 million, up from $10 million in the prior-year period. A tax benefit of $101 million due to the release of a valuation allowance was responsible for the bulk of the increase. Operational EBITDA on a constant currency basis was $15 million, down from $43 million in the prior-year period.
Looking forward, Kodak expects 2018 revenue between $1.5 billion and $1.6 billion, and operational EBITDA between $60 million and $70 million. Those numbers compare to $1.53 billion of revenue and $57 million of operational EBITDA in 2017.
Kodak made no mention of its blockchain or cryptocurrency initiatives in its earnings press release. The company's guidance called for revenue and operational EBITDA growth in 2018, which seems to be what's pushing up the stock on Friday. But with the stock price still elevated from levels prior to the company's cryptocurrency announcement, a crypto crash could derail the stock.
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